Currently my community will only allow 20% of the units to be rented at one time. Of course, the max has been reached and I want to rent my property as opposed to selling it. Legally, what can they do to me if I rent my property? I live in Fairfax County, Virginia.
2007-01-26 02:19:46 · 5 answers · asked by Boogie Man 3 in Business & Finance ➔ Renting & Real Estate
What can they do to you?
Lots of things ... and all of them will cost you a fortune.
Depending on the by-laws, they can do anything from fine you so heavily that you go into foreclosure, evict your tenant on their own and make sure you foot the heavily inflated bill for it, and lots of other expensive things.
Don't do it.
2007-01-26 07:10:13 · answer #1 · answered by BoomChikkaBoom 6 · 1⤊ 1⤋
Sounds like the restrictions has nothing to do with Fairfax Co but with the condo association. Rental properties always adversely affect real estate values so most owners want to keep the no. of rentals to a minimum so value is not eroded.....
If this is a by-law by the association, you can get a lawyer and challenge it......
2007-01-26 02:58:01 · answer #2 · answered by boston857 5 · 0⤊ 1⤋
What the hell kind of law is that?
You have to own 5 properties to rent one out?
Are you sure you have got the legislation right?
I'd sue your council if they stopped me renting property out. Do they expect you to pay tax on them?
Rent them through an agent who will keep your identity confidential,
Or put the ownership to a company that you control and pay yourself a wage for the "management" of the property.
2007-01-26 02:26:20 · answer #3 · answered by Bohdisatva 3 · 0⤊ 1⤋
Put up ads in ure local supermarket and rent away!
Just be fair with the cost of rent and demand a deposit.
Keep in regular contact and Type out strict terms and conditions that HAVE to be followed. Then have them sign it.
Visit this place once a week and change the days you visit.
2007-01-26 02:25:37 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Whatever you do, don't guess as it could end up costing you a fortune. You need advice from a professional. Guessing about rental laws is risky business. I would look into the specific law and its exemptions, if any, so that you can fill your units without facing court action.
2007-01-26 02:24:59 · answer #5 · answered by Dawnmarie K 3 · 0⤊ 1⤋